Many companies will never need to worry about compulsory audits. In fact, you’ll need to meet certain thresholds before they’re required by law.

However, a thorough review of your company finances can offer a lot of benefits.

Here’s why your company should think about doing a voluntary audit.

Get on the right track

It’s important to review your company’s financial records regularly. Doing so can help you ensure you’re on the right track to meet objectives, but it can be difficult to find the time.

An auditor can review your accounts and books objectively and give you a valuable outside perspective on your finances. With experts on the case, you’ll have more time to focus on moving your business forward.

Stay compliant

Undergoing an audit before you’re required to will give you a chance to pick up on non-compliance before it becomes a problem. Your auditor can also keep you informed of any changes to the law, giving you more time to prepare your accounts.

Furthermore, a voluntary audit can help you to minimise the risk of fraud in your company by flagging inconsistencies in your accounts.

Increase your credibility

Audits require complete transparency, and being as open as possible about your finances may increase your credibility.

This may make it easier to secure funding from potential lenders and improve your relationship with existing investors and shareholders.

Spot weaknesses

It can be difficult to see the bigger picture or spot weaknesses in your business when you’re too close to it. Bringing in someone from outside your organisation to review your accounts can offer a fresh perspective and may flag up issues you previously missed.

If the auditor identifies any issues during your audit, you’ll be able to take action to address them.

Make informed decisions

Once your audit is complete, you’ll have an accurate and comprehensive overview of your company’s financial position. This will help you to make more informed decisions about your business’s future.

If your company is changing

A voluntary audit can be particularly useful for companies undergoing significant periods of change.

For example, if your company is growing, a voluntary audit can help you to get your finances in shape before you meet the criteria for a statutory audit.

Meanwhile, if you’re planning to sell your company, undergoing an in-depth financial review can show the new owners that the investment is safe. It may even help you to secure a better selling price.

An audit can also shed light on any issues you’re having with your finances. Your auditor can use what they learn from your accounts to identify where you’re losing money – allowing you to tackle problems head-on.

Choosing the right auditor for your voluntary audit

When done well, both statutory and voluntary audits can add a lot of value to your business. As such, it’s important to choose the best auditor for you.

Our comprehensive auditing services put you and your company first. Not only will we give you a greater understanding of your finances, but we’ll also recommend ways to improve your business performance and plan for your future.

Get in touch with us today to find out how our audit services can make your business thrive.